IPO and Proceeds - The company completed its IPO on October 11, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 Public Units at $10.00 per unit[96]. - A total of $69,690,000 from the IPO proceeds was placed in a Trust Account, which will be invested in U.S. government treasury bills or money market funds[97]. - The company intends to use the net proceeds from the IPO for its initial business combination and related expenses, including deferred underwriting discounts of 3.5% of the total gross proceeds raised[98]. - The underwriters received a cash underwriting discount of 2.0% of the gross proceeds, amounting to $1,380,000, and a deferred fee of 3.5% to be paid upon the closing of a Business Combination[106]. Financial Performance - As of September 30, 2023, the company reported a net income of $2,949 for the three months ended and $3,686 for the period from inception through September 30, 2023, all from interest income[95]. - The company had cash of $262,658 and a working capital deficit of $122,602 as of September 30, 2023, which improved to cash of $774,668 and working capital of $767,721 post-IPO[99]. Costs and Agreements - The company has incurred significant professional costs and expects to continue incurring transaction costs in pursuit of a Business Combination[100]. - The company has entered into an administrative services agreement with the Sponsor for $10,000 per month, with payments deferred until the consummation of the initial Business Combination[104]. - The company has a Promissory Note with the Sponsor for up to $300,000, which was fully repaid on October 11, 2023[103]. - The company has no off-balance sheet arrangements as of September 30, 2023[101].
Quetta Acquisition(QETA) - 2023 Q3 - Quarterly Report